January 8th, 2017
It’s 2017. Now what? Yes, the new year is typically a time for hope and renewal and for those who are looking to sell – and simultaneously buy – a home, it can represent a fresh start. But this year, political and social realities are giving some would-be home sellers pause.
“Housing prices rose nationally by around 6% in 2016, but the expected increase in 2017 ranges from 3% to 5%,” said 24/7 Wall St. “With inventory of existing homes at historic lows and a rise in interest rates thanks to the Federal Reserve, housing inventory for 2017 is almost certain to rise. For prospective sellers that means that if you were planning to sell your home this year, it’s time to get cracking.”
If you’re thinking about selling this year, these tips will help.
Sales have been swift in many parts of the country for several years now. That can make sellers who don’t get offers on day one feel antsy. Despite some ultra-competitive markets where multiple offers and offer-asking-price sales skew the national numbers, across the country, the average days on market of a home for sale is 50.
Price it right
You may be tempted to price your home at the top of the market – or set a new top if you’re in an especially desirable area and if inventory is low. But overpriced homes don’t sell, which is probably why your real estate agent is recommending a lower listing price.
If you’re insistent about your price, don’t be surprised if you get zero bites or the nibbles you do get are far below what you’re asking. Your agent’s pricing strategy will be based on market conditions and designed to get you the most money in the least amount of time. What it won’t be based on: What you owe on the home, what you think it’s worth based on your own estimation, or what you need to get out of it to buy your dream home.
Make sure your home is clean and lean
It’s more important than ever to make sure your home is as close to perfect as possible before you put it on the market. Unless your agent is planning to market the home as a “project,” it needs to be spotless. You’d be surprised how much better your home can look just by applying some simple staging secrets.
Listen to your agent’s advice
Staging may only be the beginning of what your home requires to get it sold, and your agent’s advice will be critical to getting it where it needs to be. “Sure, you no doubt know more about your home than anyone else. But your real estate agent knows more about how to sell it,” said Realtor.com. “And your agent may make some suggestions you might not like to hear. It’s tempting to take offense or just ignore this advice, but if you do, you could risk seeing your house sit on the market and grow stale.”